Dominion’s Profits Rise After Harry Winston Sale

The profits of Dominion Diamond Corp. have soared following the recent sale of its Harry Winston arm.

The company recorded $500.2 million in profits for the first quarter, compared to $11.6 million the prior year. Some $497.6 million of that is attributed to the Winston sale.

Rough diamond sales for the first quarter totaled $101.9 million, with of Diavik rough diamond sales of $88.9 million and Ekati rough diamond sales of $19.9 million.

On a conference call following the report, CEO Bob Gannicott downplayed a possible purchase in the remaining 40 percent of the Diavik mine, Reuters reported. Some 60 percent of the mine is currently for sale by owner Rio Tinto.

“There’s no point in buying things just to have more diamonds,” he reportedly said. “If it’s not going to deliver profitability, then I’m quite happy to stay where we are.”